Some of the credit unions that had mortgage loans fraudulently sold to Fannie Mae by the new defunct U.S. Mortgage Corp. have begun lobbying Congress in an attempt to recover their money.

Alfred Scipio, CEO of the $161 million Treasury Department FCU is serving as chairman of the group of 16 of the 26 credit unions which charged that Fannie Mae bought stolen property when it purchased mortgages that the credit unions said had been moved out of their mortgage portfolios without their knowledge.

"It's really very simple," Scipio said "Fannie Mae is in possession of stolen property and they should give it back."

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.